Isle of Man-based finance companies have been instructed to freeze Russian assets.
The move is in line with sanctions imposed by the UK after Russian President Vladimir Putin ordered troops into rebel-held regions of Ukraine.
Three men and five banks have been targeted after the Manx government mirrored the response announced by UK Prime Minister Boris Johnson.
In a statement issued this week the Isle of Man government said: "Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals.
"If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, and suspend the provision of any financial services".
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